Why The 80/20 Rule Could Be Better For Your Budget | Clever Girl Finance
Вставка
- Опубліковано 21 вер 2024
- The 80/20 budget is a simple yet powerful budgeting method to get you on track. It saves time, is easy to follow, and can help you save money quickly. If tracking all your expenses seems too daunting of a task, the 80/20 budget may be a better option for you because of its simplicity.
Have you tried out the 80/20 budgeting method? What budget method currently works best for you? Share in the comments below.
In today’s video, we are going to discuss why the 80/20 rule could be better for your budget.
#8020rule #8020budget
OTHER VIDEOS TO CHECK OUT
How We Budget Our Money: • How We Budget Our Mone...
4 Reasons WHY Your Budget Isn't Working: • 4 Reasons WHY Your Bud...
The Biggest Budgeting Challenges And How To Tackle Them:
• The Biggest Budgeting ...
❤ Get the best-selling Clever Girl Finance Books: clevergirlfina...
❤ Get access to 30+ free courses, worksheets, savings challenges, and our favorite banking resources: clevergirlfina...
❤ Read the Clever Girl Finance Blog: clevergirlfina...
❤ Follow us on Instagram: / clevergirlfinance
I currently use a 60/40 budgeting method. Luckily I am able to live on 40% of my income
Yes, same here👍🏾
Thanks sharing!
Rule of thirds for me…divide income by 3…1/3 housing, 1/3 savings, 1/3 living expenses
Thanks for tuning in!
For me I save 35% of my paycheck. But next year I want to relax a little and only save 30% so I can use 5% on my wants. I dedicated the whole of this year to just saving that I cut out going out, buying anything at all like shoes, clothes, underwear and my favorite thing (tech). I stopped going out with friends ot family and I'm happy to say I hit my $1500 emergency fund.
So next year I begin my journey to save my 6 months living expenses and I want to also save for my wants since I deprived myself of that in 2022.
I do the 60/40 method. 60 for expenses and 40 for savings. It use to be the other way around, but then inflation and costs went up so I had to adjust it. Right now this way works out for me.
Thanks for sharing!
80/20 works well for me paying myself first is a must I am paid weekly so it’s 20% every week being put into savings automatically
Nice! Well done!
Congrats Fatima! Do not forget to invest your money so it will be working for you. Put aside 3 to 6 months of emergency funds and invest the remaining.
I do the same it would sooooo easy to use
My budget is currently 70/30 and my goal is to be at 60/40 by 2024.
You can do it! Thanks for tuning in!
I need to make savings a priority! I will try to implement this for 2023 Q1! I like to work my financial goals by the quarter so I can pivot if need be! Thanks for the tips!
I'm debating between 80/20 and 50/20/30. I'm gonna make a rough plan and decide between which one for the reminder of 2023.
Thank you, Bola! I am in the process of taking your courses. Thank you for helping those of us who habitually fail to make smart money decisions!
I’m definitely going to try this. I used to budget so well but now I think I have burn out so I start and never finish. This will definitely let me keep track of how much of our income we are actually saving. Thanks
I use a biweekly budget and if I have any money leftover it would go towards savings, emergency fund, and rainy day fund.
What's the difference or rainy day or emergency fund?
@@suicideshy451 emergency fund is for a major event. Rainy day is minor issues
This might be a game changer for me. Right now I’m working as a contract worker and getting paid for work that I do as opposed to receiving income every two weeks from W-2 income. I cannot wait to implement this new system and see the growth that comes from my savings account. Thank you for this.
I do 60/40 because I don't have very low living expenses :)
Thank you for sharing the 80/20 rule. I will definitely use it.
Thanks for tuning in!
Thank you! As a big picture kind of person this really helps out a lot! I find I struggle and often feel guilty when spending if it’s not within it particular category. Some months are different when it comes to needs or wants. If I spend more in one category but far less in another and still within the 80% range then that should be enough.
Thank you for making it so simple!
Thank you for this. It is very helpful. Not using anything right now. Thus will help. Have a great day!
I like it..
20% into savings is a start.
Very helpful 80/20 rule saving for me since is a monthly income
I will definitely use it! ❤
Thank you for sharing! Greetings from Copenhagen, Denmark 🇩🇰.
This is a good idea for me.
Thanks for tuning in!
I've just started budgeting again after my income was slashed suddenly then finally restored. I have 15% of my paychecks going to savings and I'm looking at what I can do to bump that up to 20%.
I’m old school, I can’t do a budget I just keep my living expenses super low. I drive an old 13 year old Paid off old car. Rent 600$ a month. 10$ for music a month for mainly working out. I love to run and I love classic rock music.200$ a year for phone carrier service or 16$ month. I pay it by the year to get the 16$. I ride my bicycle to work because I love the exercise first and I save on money second. I invest in to my brokerage accounts and cash accounts 50/50 . My weekly food expenses vary I eat out at a few of my favorite fast food restaurants but I always have coupons. This has been my strategy for many years. I hope this helps someone. I love being frugal thanks to growing up with very little so I’m very grateful for little things. I’ve never had a new car I have no interest in cars. I do have a decent bicycle with everything I need for commuting back in from work. I just found your channel I’m always looking for fun money talk I just love it! Thank you.oh, I also have a yearly pass to my local amusement park with my favorite rollercoasters and I get the food deal with my pass so I eat each time I go and it pays for itself over and over. I don’t think I deprive myself and I think that’s key. Never deprive. Happy money saving everyone!! And merry Christmas 🎄🎁 oh, my job skill is ( truck driver) of 35 years I’m currently working part time 24 hours a week by choice I’m 54 years young 😂oh, I’ve never had a credit card and don’t need one. I have one thing that comes directly out of my account and that’s my 10$ music payment. Everything else I pay cash.I keep it as simple as I can.the key to wealth is save&invest and invest for the long haul. And never touch it.
Thanks...nice interesting tip for the overwhelmed with money management
I love the 80/20 rule because 80 is toward bills and 20 is saving and paying yourself furst
I Save 35% of my income!!..single..but someday I hope to get married. I'm 52 years old
Thank you so much
You're most welcome
I can't wait to start implementing some of these budgeting methods! This was so insightful, a million thank yous!
Thanks for being here!
I currently use the 50/20/30 rule but I'm curious about this one!
Thanks for tuning in!
Thanks! I think this budgeting rule might work for me. Either 80/20 or 90/10.
Thanks for tuning in!
This video is so helpful! I will be doing this in the new year.
Thanks for tuning in!
yo thank you for the tips i need only time to do this this. video is giving right now. yes i will use this.
I’m gonna try this. Thank you
I love the simplicity of this. It is a method I think would work great for me. I would be more likely to stay on track and check in often. What budget method would you suggest that includes tithes/donations as the first 10% then proceeding to savings, then bills?
I am trying out this 80/20 budgeting method, I want to see how it goes until December this year.
How'd it go?
Great one 💯💯💯
Thanks 💯
80/20 rule interesting
Do you.also use the 20percent as sinking funds
Is 401k part of the 20%?
I'm thinking that the rule would apply your net (take home) income.
Yes, anything you save and invest forms part of that 20%
Yes this would include 401k savings. That said, you can use this budget breakout just on your take home pay as well - it's up to you. Thanks for tuning in!
401K..I.R.A...Emergency savings..H.S.A .and vacation..yes..yes
Is 401k/kids college funds/debt included in the 20% like the 50/30/20 method?
At the risk of sounding silly.......would the 80% involve credit card bills?
Yes, it would, in this instance.